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deerfern

Chase Freedom not a Credit Card

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I thought I applied for a Chase Freedom card. I was accepted and given a CL of $11,000.00. Now I see the CL is showing as $0.00 on all the CRA's. I called Chase last week when I first saw it and the person said they would have it fixed right away.

 

Since it's not fixed yet, I called again and this time was transferred to a Supervisor who explained that since I have such good credit, they were actually able to give me an Access Line instead of a Credit Card. That means that I can go over the limit with no penalties (no over the limit charges). What good is that if they don't report the limit?

 

I explained I am concerned once my balance hits, it will hurt my score since my limit will show $0.00, and if I owe anything, I will be immediately over limit. The Supervisor explained that the Credit Bureaus understand an Access Line and don't penalize you for it on the scores. I find this very difficult to believe and took her name down.

 

I don't understand what an access line is. Can someone please explain this to me, and tell me if this will affect my scores negatively?

 

Thanks in advance,

 

DF

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I have the MC version @ $12.5k. The way they report does not hurt your score. I'm actually glad it doesn't report a limit. If you have a lot of other available credit with limits reporting use and enjoy. I just got my first $250 check on the MC account today.

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Is there an echo in here? :lol:

Apparently I need to click the submit button faster.

 

Slow poke. LOL

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Wow, I see the card is clearly marked on the front, CHASE FREEDOM but on the back it does show Visa Signature. I did a search and up comes 4 pages of posts with several pages inside those posts.

 

I see it does have a problem with showing limit. Should I pay it off and cancel it? Can I / should I write them to ask them to please report it?

 

What regulation or type of account did they give me that allows them to not report the limit? I thought they had to report it.

 

All help is greatly appreciated, thanks in advance,

 

DF

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Wow, I see the card is clearly marked on the front, CHASE FREEDOM but on the back it does show Visa Signature. I did a search and up comes 4 pages of posts with several pages inside those posts.

 

I see it does have a problem with showing limit. Should I pay it off and cancel it? Can I / should I write them to ask them to please report it?

 

What regulation or type of account did they give me that allows them to not report the limit? I thought they had to report it.

 

All help is greatly appreciated, thanks in advance,

 

DF

 

Them not reporting the limit, is NOT hurting your credit because of the type of account it is. If you really need the limit to report, ask them to reallocate the funds to another card that will report the limit.

 

Good luck

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Wow, I see the card is clearly marked on the front, CHASE FREEDOM but on the back it does show Visa Signature. I did a search and up comes 4 pages of posts with several pages inside those posts.

 

I see it does have a problem with showing limit. Should I pay it off and cancel it? Can I / should I write them to ask them to please report it?

 

What regulation or type of account did they give me that allows them to not report the limit? I thought they had to report it.

 

All help is greatly appreciated, thanks in advance,

 

DF

 

Did you read my first post in this thread? The answer is there.

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Shawnee, yes I did, thank you. I just didn't understand your reply fully, my fault I am sure. I just needed a little further explanation, the post link Shaft gave explained it to me where I could understand it. Sorry if I offended. I will enjoy the checks if/when they come. Thanks again.

 

Shaft, I read the post you linked to. Thank you, I do understand fully (I think) now. Dang. I never had one of these cards. Guess I need to go back and continue reading my 7 Steps to 720 book. I was just up to that part. I will have to get it up as high as I can and then pay it down as fast as possible. That might be a bit hard because I've already got it up to almost $1000.00 and that's not easy for me to pay. Darn that medical issue.

 

Thanks for the explanation, I appreciate everyone's help.

 

Best Regards,

DF

Edited by deerfern

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I did think of one other question, though: one of the CRA's is reporting terms as 1 month. Why and will that hurt the score? The other CRA's don't report terms at all. ??

 

Is that what this really is? A LOC?

Edited by deerfern

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Shawnee, yes I did, thank you. I just didn't understand your reply fully, my fault I am sure. I just needed a little further explanation, the post link Shaft gave explained it to me where I could understand it. Sorry if I offended. I will enjoy the checks if/when they come. Thanks again.

 

Shaft, I read the post you linked to. Thank you, I do understand fully (I think) now. Dang. I never had one of these cards. Guess I need to go back and continue reading my 7 Steps to 720 book. I was just up to that part. I will have to get it up as high as I can and then pay it down as fast as possible. That might be a bit hard because I've already got it up to almost $1000.00 and that's not easy for me to pay. Darn that medical issue.

 

Thanks for the explanation, I appreciate everyone's help.

 

Best Regards,

DF

 

Don't even worry about that paying up and down part. It's not bad idea, but don't stress on it. On my report it just reports as an "open" account instead of "revolving" account like my other CCs. There is a clear difference when I look at it on my credit report. True Credit has it listed with my installment loans.

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Shawnee, yes I did, thank you. I just didn't understand your reply fully, my fault I am sure. I just needed a little further explanation, the post link Shaft gave explained it to me where I could understand it. Sorry if I offended. I will enjoy the checks if/when they come. Thanks again.

 

Shaft, I read the post you linked to. Thank you, I do understand fully (I think) now. Dang. I never had one of these cards. Guess I need to go back and continue reading my 7 Steps to 720 book. I was just up to that part. I will have to get it up as high as I can and then pay it down as fast as possible. That might be a bit hard because I've already got it up to almost $1000.00 and that's not easy for me to pay. Darn that medical issue.

 

Thanks for the explanation, I appreciate everyone's help.

 

Best Regards,

DF

 

These accounts report as "open" without a limit and do not factor into your revolving utilization. I've had EQ Scorewatch since I've had this account and when it reports it does not affect my score at all.

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These accounts report as "open" without a limit and do not factor into your revolving utilization. I've had EQ Scorewatch since I've had this account and when it reports it does not affect my score at all.

 

Shawnee, Oh, perfect explanation. That one hit home, thank you so much.

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Shaft, Ok, makes sense.

 

Thank you all once again.

 

Happy now :ph34r:

 

DF

 

:ph34r:

A while back I had the same questions. "TrevorHere" and "Shawnee" helped me to understand. It's a very good card, with what I consider the best rewards out there. You should get a $50 reward bonus with your first purchase and then another $50 bonus when you earn rewards up to $200. That's a free $100! Can't beat that!

 

Just pass the knowledge on when someone else needs help understanding.

Edited by shaft627

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If it is a signature card, it says it on the front, not the back. The same goes for a World Mastercard and a World Mastercard Elite.

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chase_rewards.gif

 

You must've spent one heck of a lot of money to get $250 worth back in cashback ($200 + 50)

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chase_rewards.gif

 

You must've spent one heck of a lot of money to get $250 worth back in cashback ($200 + 50)

 

Actually not hard when they give you 3% back. And they gave me $50 after my first purchase which calculates into the $200. So you really only need $150 in rewards.

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Thanks for the explanation. I just got a freedom card as well, a visa signature, and I was worried about the reporting limit. Now I understand what I have.

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Actually not hard when they give you 3% back. And they gave me $50 after my first purchase which calculates into the $200. So you really only need $150 in rewards.

 

Exactly. I got $50 for the new account and $50 for reaching $200 so I really only accumulated $150. I opened the account last November.

 

Don't forget about Rewards Plus, some of those go as high as 8% plus your basic 1%. About $20 of the $150 I actually earned was through Rewards Plus.

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Actually not hard when they give you 3% back. And they gave me $50 after my first purchase which calculates into the $200. So you really only need $150 in rewards.

 

Exactly. I got $50 for the new account and $50 for reaching $200 so I really only accumulated $150. I opened the account last November.

 

Don't forget about Rewards Plus, some of those go as high as 8% plus your basic 1%. About $20 of the $150 I actually earned was through Rewards Plus.

 

Oh I didn't know about that. Is that like a Shop Discover? I stacked up on that ($70 in about 3 months).

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